Are you different?

In case you hadn’t noticed, the baby boomers have started to retire. By the time retirement comes they’re ‘supposed’ to have paid off their mortgages, and their debt, and have enough money saved to live comfortably for the rest of their lives.

But have they?

Unfortunately, for whatever reasons, too many of them have done too little of these actions. And they don’t want to admit they have failed, they don’t want to know… even today they bury their heads in the sand and don’t wish to face the reality that their bodies will wear out long before their mortgages are paid out and before their bank balances are large enough to stop working.

The next generations are turning up their noses at their older counterparts. And just like every generation before them – they say that they ‘will be different’ to their parents and grandparents. But will they?

Have things changed that much? What lessons have they been taught? What lessons have they learned? According to a recent survey by Rabobank it was found that almost in one in two baby boomers expect their cash to run out during retirement and almost 25% admitted that they had no savings. What sort of lesson is that!

It’s heartening to know that another survey by MasterCard shows that those aged 18-29 want to save more than any other age group.

To the Gen X and Gen Y people who think they won’t make the same mistakes as the Baby Boomers, let me ask you this –

• How much money do you have in the bank?

• How good are your savings?

• How much debt do you have?

• How many times have you gone without because you didn’t have the money?

• How many times have you saved and paid cash for something?

• Do you know how much money you need to run your household each week?

 

Here’s a tip

 If you really want to be different – get yourself organised with a budget!

 

Carmel McCartin – Budget Bitch

Just so that you know – (The views expressed in this blog are the personal opinions of the author. Don’t rely on them to make financial decisions, you have to make up your own mind. If you don’t like the content – then either stop reading or send me an email)

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